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SomeraRoad Secures $71.9M Refinancing Loan From Barings For Development Site In Pittsburgh

Property Image
FINANCED
$71,900,000
Jordan (Jordy) Roeschlaub
Nick Scribani
MF
+ 3

Pennsylvania

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Development Site
Financed 05/27/2025
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Property Image
FINANCED

SomeraRoad Secures $71.9M Refinancing Loan From Barings For Development Site In Pittsburgh

2695 South Water Street

See Similar Deals
Development Site
Financed 05/27/2025
Jordan (Jordy) Roeschlaub
Nick Scribani
MF
+ 3
the dealplayerscompscontact
Contact now

Summary

PENNSYLVANIA
Asset Type:Development Site
Transaction Type:Loan

The Park at SouthSide Works is a development site located at 2695 South Water Street in Pittsburgh. This property, which features a newly built seven-story multifamily project consisting of 247 units, has been designed with high-end amenities. It was completed last year and is situated along Pittsburgh’s riverfront, providing a strategic location near the University of Pittsburgh.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $71,900,000
  • Lender: Mike Freno - Barings
  • Landlord: Ian Ross - SomeraRoad
  • Loan Type: Refinance
  • Brokers: Jordan Roeschlaub, Chris Lozinak, Nick Scribani & Samuel Speciale - Newmark

SomeraRoad secured the refinancing loan from Barings specifically for The Park at SouthSide Works. Newmark was instrumental in arranging this deal, which focuses on the financing of the seven-story property aimed at enhancing the urban living experience along the riverfront in Pittsburgh.

Players

Nick Scribani
Newmark
Nick Scribani
191 deals$55.1B volume(212) 372-2113
BROKER
Jordan (Jordy) Roeschlaub
Newmark
Jordan Roeschlaub
321 deals$96.2B volume
BROKER
Newmark
Newmark
BROKERAGE
Chris Lozinak
Newmark
Chris Lozinak
10 deals$2.6B volume
BROKER
Samuel Speciale
Newmark
Samuel Speciale
7 deals$1.4B volume(949) 754-6323
BROKER
MF
Barings
Mike Freno
15 deals$1.9B volume
LENDER
IR
Ian Ross
5 deals$202.5M volume
LANDLORD

Details

FINANCED
IMAGE: Mike Freno, Ian Ross, Jordan Roeschlaub, Chris Lozinak, Nick Scribani & Samuel Speciale DATE: 05/27/2025 ADDRESS: 2695 South Water Street MARKET: Pittsburgh ASSET TYPE: Development Site LENDER: Mike Freno - Barings LANDLORD: Ian Ross - SomeraRoad BROKERS: Jordan Roeschlaub (@JordyRoeschlaub), Chris Lozinak, Nick Scribani (@ScribSays) & Samuel Speciale - Newmark (@Newmark) LOAN AMOUNT: $71,900,000 LOAN TYPE: Refinance NOTE: SomeraRoad secured a $71.9M refinancing loan from Barings for The Park at SouthSide Works, a newly built 247-unit multifamily project along Pittsburgh’s riverfront. Newmark arranged the deal for the seven-story property, which was completed last year and offers high-end amenities near the University of Pittsburgh.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$71,900,000.00

Monthly NOI$479,333.33
Monthly Debt Service$454,456.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00